Smoothwater Capital will participate in a special shareholders meeting for Equity Financial Trust in March with the intention of removing seven of its nine directors and appointing three new ones – including recently ousted Nick Kyprianou.

Equity Financial Trust’s decision to focus on mortgages has been a good move, with the release of its second quarter numbers hinting at the growing popularity of B business in the wake of ever-tightening lending rules.

When it rains, it pours. Alternative lenders are reporting a record number of originations largely due to a tide of borrowers shut out by the big banks. But will a stream of ill-prepared apps clog the pipe?